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Suppose that you deposit $1,000 in a savings account at Wachovia Bank and plan to leave your principal and any interest in the account for 5 years. The interest rate each year is 3%. The bank pays interest once per year; hence, the compounding period is annually.

What is the future value of your account at the end of the holding period?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92843208

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